U.S. stocks traded mostly lower this morning, with the Dow Jones index falling more than 100 points on Wednesday.
Following the market opening Wednesday, the Dow traded down 0.25% to 46,806.81 while the NASDAQ fell 0.04% to 22,943.73. The S&P 500 also fell, dropping, 0.03% to 6,733.39.
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Leading and Lagging Sectors
Energy shares jumped by 0.8% on Wednesday.
In trading on Wednesday, consumer discretionary stocks fell by 0.7%.
Top Headline
Netflix Inc (NASDAQ:NFLX) shares fell more than 8% on Wednesday after the company reported downbeat third-quarter financial results.
Netflix reported third-quarter revenue of $11.51 billion, up 17.2% year-over-year. The revenue total missed a Street consensus estimate of $11.514 billion, according to data from Benzinga Pro. The company reported earnings per share of $5.87, missing a Street consensus estimate of $6.97.
Equities Trading UP
- Beneficient (NASDAQ:BENF) shares shot up 155% to $1.2380 following the announcement that Chairman Thomas O. Hicks and Interim CEO James G. Silk converted preferred shares into common stock.
- Shares of AiRWA Inc. (NASDAQ:YYAI) got a boost, surging 110% to $0.1701 after dipping 19% on Tuesday.
- Beyond Meat, Inc. (NASDAQ:BYND) shares were also up, gaining 57% to $5.67 on continued momentum. Catalysts include short interest, recent inclusion in the Roundhill Meme Stock ETF and a recent distribution partnership with Walmart.
Equities Trading DOWN
- Arcturus Therapeutics Holdings Inc. (NASDAQ:ARCT) shares dropped 57% to $9.95. The company announced interim results from its ongoing Phase 2 clinical trial of ARCT-032.
- Shares of Alector, Inc. (NASDAQ:ALEC) were down 52% to $1.5301 after the company announced it will discontinue the open-label extension for Latozinemab and reduce its workforce by about 49%.
- Obook Holdings Inc. (NASDAQ:OWLS) was down, falling 41% to $11.46 after the stock opened for trade recently. The stock may be experiencing post-IPO volatility.
Commodities
In commodity news, oil traded up 1.6% to $58.74 while gold traded down 0.4% at $4,093.20.
Silver traded up 0.9% to $48.150 on Wednesday, while copper rose 0.3% to $4.9810.
Euro zone
European shares were mixed today. The eurozone's STOXX 600 rose 0.1%, while Spain's IBEX 35 Index rose 0.2%. London's FTSE 100 rose 1.1%, Germany's DAX 40 fell 0.3% and France's CAC 40 fell 0.5% during the session.
Asia Pacific Markets
Asian markets closed lower on Wednesday, with Japan's Nikkei 225 falling 0.02%, Hong Kong's Hang Seng index declining 0.94% and China's Shanghai Composite declining 0.07%.
Economics
The volume of mortgage applications declined by 0.3% from the previous week during the week ending Oct. 17.
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